The Context and Technology of Bitcoin

Yun Wu and Wei Zhu
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Yun Wu: The People’s Bank of China
Wei Zhu: Aldelo LP

Chapter Chapter 1 in The Fundamentals of Digital Currency, 2024, pp 3-13 from Springer

Abstract: Abstract What did Satoshi Nakamoto intend to convey by entering his birthdate as April 5, 1975? What are the historical and philosophical underpinnings of Bitcoin as an attempt to create a private currency? To what extent is the design of Bitcoin consistent with and beyond Hayek’s economic theory of private currencies? What novel concepts has Bitcoin introduced beyond a new form of currency, such as possibly reflecting a new mode of social governance? To find answers to the above captivating questions, in this chapter, we explore the enigmatic identity of Satoshi Nakamoto, particularly the symbolic meaning behind his chosen birthdate, linking it to pivotal moments in monetary history. We contemplate the historical events and philosophical motivations for Bitcoin's inception as a private currency that challenges traditional paradigms. We further suggest that the architecture of Bitcoin introduces groundbreaking concepts that extend beyond its function as money, suggesting transformative implications for social governance.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-97-8261-1_1

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DOI: 10.1007/978-981-97-8261-1_1

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